Binance UK: FCA Tries to Look Tough Again

[botero]

Tr0nad0r said:
and now they have lost SEPA and Faster Payments deposit/withdrawals

Clear Junction stops processing transactions for Binance - Clear Junction
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What a mess. It's the second time they have suspended SEPA and Faster payments in the last month.

I started using CEX.io as a Binance alternative recently since it's regulated by the FCA and has support for Faster Payments, SEPA, and EUR Advcash withdrawals.

 

[Martin Everson]

I would tell everyone to stay on the side of caution and ditch Binance in meantime. If you hold your crypto there and they vanish who do you go to for help? They are not even authorized where they are HQ'd....lol.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[EuroKiss]

botero said:
What a mess. It's the second time they have suspended SEPA and Faster payments in the last month.

I started using CEX.io as a Binance alternative recently since it's regulated by the FCA and has support for Faster Payments, SEPA, and EUR Advcash withdrawals.
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In Binance you can easily bridge SEPA with Advcash.
Btw Binance chain is one of the most supported project in the blockchain community, BNB is one of the top coins, their wallet is widely used in several countries.
Those guys will not be going anywhere soon”¦

 

[John Spectre]

Martin Everson said:
who do you go to for help?
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Where people will go with problems of any crypto exchange in the world?
Started from mt gox many years ago and all problems with exchanges its a already confirmed there are NO help from authority to recovery funds. 🙂
Epayments/dsx problem is just confirmation that regulations or other BS for FI in crypto is nothing.
So there is the same risk with any of binance, kraken, bitfinex, bybit.
Just never hold crypto on any exchange and hold crypto on wallet. be safe.

 

[Martin Everson]

EuroKiss said:
Those guys will not be going anywhere soon”¦
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Well they need to be based and regulated somewhere firstly...lol 😕.

John Spectre said:
Just never hold crypto on any exchange and hold crypto on wallet. be safe.
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That's true.

P.S Drama never ends for Binance

https://cointelegraph.com/news/italian-finance-regulator-issues-warning-on-binance-crypto-exchange

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[EuroKiss]

Martin Everson said:
Well they need to be based and regulated somewhere firstly...lol 😕.
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why? You need to be regulated only for crypto/fiat that's it. Sushiswap is the second DeFi swapping with billions in transactions and the developer group is totally anonymous - I don't say I prefer this situation ether. Hope more and more countries will join countries that are implementing crypto as currency and slowly detach fiat from crypto.

 

[Silvio]

Looks like the whole world is trying to destroy Binance

https://www.internationalinvestment...ese-italian-regulators-issue-binance-warnings

 

[John Spectre]

Oh lol.
Is anybody tried to read first place warning instead of reposting fud from yellow paper news?🙂
Instead of spreading fud, you should read first what exact notices are provided and what limitations are set.
Italy set limitation for stock tokens, which are already stopped to trade at binance due a regulatory reasons.
Malta warning about binance at same as crypto itself. Who care about this BS warning from garbage maltese sector which is already grey at fatf? They should start with cleaning up own mess, not to suggest ehat to do for others😀
Bitcoin don't care, crypto don't care. As well as binance 😀

 

[khinkali]

USD balances at Binance.US are insured up to $250,000 by US Federal Deposit Insurance. Crypto deposits are not. This is the same (at least for US residents) as for other regulated exchanges such as Coinbase and Gemini.

Binance TR is not regulated in Turkey. I don't know about Binance Asia Services Pte. Ltd, which runs Binance.SG

Headline writers have done a great job of amplifying a non story into something else. Binance was not banned by the FCA in the UK (Binance UK Ltd withdrew an application to provide regulated services). My pet hamster isn't permitted to provide regulated services in the UK; do we now claim it has been "banned"?

Binance does not have its headquarters in the Cayman Islands (unless we call holding companies headquarters now). We can see how distributed Binance is by looking at their job adverts. CZ said that Binance.com is where CZ is and I'd agree that is the defacto reality, there just isn't a "head office" to go to and see all the people who run it doing their jobs and sipping coffee.

Regulators in a number of countries might pursue Binance over its use by their residents, who might have circumvented rules to access services that Binance isn't permitted to sell them. Or they might realise it's 2021 and people can and do find ways to watch Netflix from another country, play online poker while in Dubai or do some leveraged crypto trading while in the UK.

If people can't get their heads around this then they really shouldn't look into DeFi. 🙂

 

[Silvio]

There is a direct correlation between people using the term "FUD" and the probability that they are bagholders

 

[John Spectre]

maxmmm said:
There is a direct correlation between people using the term "FUD" and the probability that they are bagholders
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What is the correlation with people who spread the wrong information instead? Sell their bags at market lows with huge loss and hope same losses to all crypto community?😀

 

[Martin Everson]

maxmmm said:
There is a direct correlation between people using the term "FUD" and the probability that they are bagholders
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Your 100% correct....lol.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.